MIDDLE EAST
* The Central Bank of the United Arab Emirates raised by 25 basis points to 2% the repo rate applicable to borrowing short-term liquidity from the bank against certificates of deposit, effective March 22, following a similar rate hike by the U.S. Federal Reserve. The Central Bank of Kuwait and the Central Bank of Bahrain also raised their policy interest rates by 25 basis points.
* Ahead of the Fed meeting, the Saudi Arabian Monetary Authority raised its repo rate to 225 basis points from 200 basis points and the reverse repo rate to 175 basis points from 150 basis points.
* The Gulf insurance sector is expected to see more M&A activity in 2018 as stricter underwriting rules pose more and more operational challenges on smaller insurance firms, Thomson Reuters' Zawya reported, citing Mohammed Ali Londe, assistant vice president at Moody's.
* The Central Bank of the UAE is poised to launch a new system of setting the Emirates Interbank Offered Rates on April 15, in a bid to make the system operate more closely in line with market conditions and more transparently.
* A consortium led by Dubai Investments PJSC
* Takaful Emarat Insurance PSC named Fadi Hindi CEO.
* UAE-based First Abu Dhabi Bank PJSC
* Qatar urged U.S. authorities to investigate First Abu Dhabi Bank unit NBAD Americas on suspicion of manipulating the Qatari riyal amid a standoff between Qatar and a group of Arab states. The bank denied the allegations.
* Doha Insurance Group QPSC
* The Saudi Arabian Monetary Authority has instructed banks to change how their loan-to-deposit ratios are calculated in a bid to allow more lending, Reuters reported, citing financial news website Maaal. The new rules are set to be implemented in early April.
* Islamic Development Bank
* Saudi Arabian government agencies have reportedly been instructed not to renew some nonessential contracts with German companies after diplomatic relations between the two trading partners soured in late 2017, insiders told Bloomberg News.
* Moody's lowered the long-term issuer and senior unsecured bond ratings of Oman to Baa3 from Baa2, maintaining a negative outlook, citing the country's deteriorating fiscal and external metrics due to institutional and policy constraints. Subsequently, the agency downgraded certain ratings and assessments of seven Oman-based banks, including Bank Muscat SAOG and Bank Dhofar SAOG.
* National Finance Co. SAOG's board approved the appointment of Shahin Al Balushi as new CEO, replacing Robert Pancras.
* Oman's National Life and General Insurance Company SAOG
* The Central Bank of Oman raised the rate of interest payable on capital deposits to 1.5% per annum from 1% per annum, retroactively effective from Jan. 1.
* Bahrain-based wholesale lender United Gulf Bank BSC (c)'s
* Israel's Ofer family agreed to divide its assets in Mizrahi Tefahot Bank Ltd.
* Dexia SA unit Dexia Crédit Local SA agreed to sell its entire 58.9% stake in Dexia Israel Bank Ltd.
* The European Bank for Reconstruction & Development completed an equity investment in Bank Audi SAL, taking approximately 2.51% of the Lebanese bank's total common shares outstanding.
NORTH AFRICA
* Morocco's central bank kept its key rate unchanged
* Fitch Ratings said insurers in Morocco are likely to gradually reduce their exposure to equity and hold more government bonds when the country's new risk-based solvency regime comes into force.
* Egypt's finance ministry said Banque du Caire SAE and Misr Insurance Co.
* CI Capital Holding Co. SAE
* Moody's lowered its long-term issuer rating on Tunisia to B2 from B1, citing "continued deterioration" in the country's fiscal strength and wide external imbalances. The rating agency also changed its outlook to stable from negative. Subsequently, the agency took actions on five Tunisian lenders, including Arab Tunisian Bank